HF2950 - Pension Policy Bill Summary

• Reduces application window for Minnesota State Retirement System (MSRS) annuities from 90 to 60 days before retirement eligibility and extends military service credit purchase periods from 1 year to 3 years for judges, teachers, and public employees.

• Modifies Public Employees Retirement Association (PERA) membership rules by changing monthly salary thresholds to $425/month requirements and permits appointed local government officials to participate in the public employees defined contribution plan.

• Authorizes two Metropolitan Airports Commission police officers to transfer past service credit from the general PERA plan to the police and fire plan for the period of May 2, 2005 to October 28, 2005.

• Permits eligible retired teachers in the St. Paul Teachers Retirement Fund Association to change annuities to provide survivor benefits for same-sex spouses and allows four Fond du Lac College employees to elect Teachers Retirement Association coverage with retroactive service credit.

• Increases employer contribution caps for multiemployer pension plans (laborers from $7,000 to $10,000, operating engineers from $5,000 to $10,000 annually) and raises the audit threshold for volunteer firefighter relief associations from $500,000 to $750,000.